FG: We’ll increase cocoa production to 500,000 metric tonnes next year

The federal government says it will boost its cocoa production to 500,000 metric tonnes (MT) by 2025 from the 340,000 MT recorded in 2022.

Nura Rimi, permanent secretary, federal ministry of industry, trade, and investments, spoke at the pre-national trade dialogue series meeting in Abuja on Tuesday.

According to NAN, the event is themed ‘The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme’.

Rimi, represented by Kaura Irmiya, the ministry’s director of commodities and export, said Nigeria was the world’s sixth-largest cocoa producer.

“Our cocoa exports have grown significantly, with a revenue increase of 50 percent in 2022,” he said.

“We aim to increase cocoa production to 500,000 metric tonnes by 2025. Our investment partnerships have been instrumental in driving growth in various sectors of our economy.”

According to Rimi, strategic partnerships with international organisations such as the International Cocoa Organisation (ICCO) and the African Cocoa Fund, among others, have been pivotal in this progress.

Rimi also said Nigeria’s investment landscape has improved significantly, attracting over $2 billion in foreign direct investment (FDI) in 2023.

He said sectors such as manufacturing, agriculture, and energy have benefited from this influx and commended government’s initiatives to create an enabling environment for businesses.

The permanent secretary listed some of the initiatives are the establishment of free trade zones, simplification of business registration processes, and provision of incentives for investors.

He said some of the challenges, such as infrastructure deficits, regulatory bottlenecks, and corruption needed to be addressed to fully realise the potential of Nigeria’s investment and collaboration partnerships.

Rimi also said security concerns in certain regions was another challenge that could deter investments and impede economic growth.

The permanent secretary, therefore, called for continued efforts to attract more investments, promote trade, and partnerships in the country.

He said Nigeria’s investment and collaboration partnerships had the power to drive growth, create jobs, and improve living standards.

Rimi, however, called for continued collaboration to address the gaps in the global trade ecosystem and promote a renewed programme for the country’s economic development.

On his part, Fred Agah, director-general of the Nigerian Office for Trade Negotiations, said the government had a major role to play in boosting trade.

Agah advised the government to create policies to mitigate risks encountered by private sectors and ensure the ease of doing business.

The DG also called for stakeholder collaboration, saying that one player alone could not achieve the set goal.